Fra Fung:
China’s manufacturing PMI rose to 50.9 in June from 50.6 in May,
indicating that the manufacturing sector recovered at a faster pace in
June.
9 of the 13 sub-indices were higher than their respective levels in the
previous month. For example, the new orders index rose by 0.5 pts to
51.4, while the new export orders index rebounded by 7.3 pts to 42.6 in
June, indicating that new export orders have dropped at a slower pace
recently.
Against this backdrop, the growth of production activities has
quickened: The output index increased by 0.7 pts from the previous
month to 53.9 in June. Besides, the purchases of inputs index went up to
51.8 in the month, indicating an increase in purchasing activities. Also
noteworthy is that the ex-factory prices index rose above the critical
50-mark, returning to the expansionary zone in June.
By size of enterprises, the PMI of ‘large enterprises’ came in at 52.1 in
June, up from 51.6 in May. The PMI of ‘medium enterprises’ rose to 50.2
in June from 48.8 in May. Meanwhile, the PMI of ‘small enterprises’
dropped to 48.9 in June from 50.8 in May.
The output index came in at 53.9 in June, up from 53.2 in May. The output
indices of ‘large enterprises’ and ‘medium enterprises’ stayed above the
critical 50-mark, registering 55.5 and 54.3 respectively in June. Meanwhile,
the output index of ‘small enterprises’ dropped to 49.2 in the month.
